I speak and write about investor protection, money management, health economics, ecology and social issues. My latest book is "Keynes's Way to Wealth," a revealing look inside the successful portfolios of the world's most famous economist. All told, I've written 14 books including The Cul-de-Sac Syndrome and iMoney: Profitable ETF Strategies for Every Investor and write a column for Reuters.com. I speak across the U.S. and my writing also appears in the New York Times, Morningstar.com and other national publications. This blog delves into financial and social deceptions.

How To Get Social Security's Biggest Bonuses

For most retirees with adequate savings, the best strategy has always been to wait to collect Social Security benefits until either full retirement age — which varies depending on year of birth — or age 70.

But far too many Americans retire at the wrong time — leaving some $120,000 in lifetime benefits on the table. That adds up to some $25 billion each year that could be collected by retirees.

Those who retire at 62, which is the earliest age you can take Social Security, leave a lot of money on the table. That’s because their lifetime benefits are reduced. The government wants you to wait as long as you can before collecting Social Security.

Yet Social Security planning is not as simple as making one decision. If you have a spouse, you have to consider their benefits. There are also survivor benefits. You need a strategy. A good place to start is the Social Security Web site, which has several calculators.

A Government Accountability Office (GAO) study released yesterday showed why far too many Americans take Social Security early and the costs of doing so.

* Those who retire at the earliest-possible age tend to need Social Security to supplement their income. Those who wait are less reliant upon the program. One solid way to maximize Social Security is to save more and fully fund your 401(k) and other retirement plans.

According to the GAO: “Our analysis shows that the median income for those who delay was 45 percent higher after claiming benefits than for those who claimed early, and 33 percent higher at age 72. Although delayed claimers have higher median Social Security benefits, those benefits make up a smaller portion of household income than for early claimers.”

* Those who retire early can do so with greater health security, thanks to the Affordable Care Act (ACA). Before the ACA, you needed private/employer insurance or simply went without coverage until you reached 65 to qualify for Medicare.

Now online health exchanges sell policies and will issue to anyone, regardless of pre-existing conditions. So having an ACA policy might give you some flexibility in finding an affordable policy. That might buy you time so that you could wait to collect Social Security.

“GAO estimates that nearly a million early claimers did not have government or employer-sponsored health insurance before 2014. Of these, 14 percent may be newly eligible for Medicaid in 2014 due to expansion in 25 states and the District of Columbia and 58 percent could be eligible for tax credits that reduce the premiums for coverage purchased through the new health insurance exchanges.”

* Waiting nets you a bonus in higher Social Security benefits.

“Despite higher monthly benefits for those who delay, many people still claim Social Security retirement benefits at age 62, the earliest age of eligibility. In 2014, these early claimers will see their monthly benefits reduced by 25 percent compared to what they would have received if they had delayed claiming until age 66, the current full retirement age.”

Even better is waiting until 70, when your benefits will get a 32-percent bump from full retirement age. Here’s how it breaks out:

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